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Three reasons why Bitcoin may be preparing for a new bull rally.



The week is coming to an end with Bitcoin again above the $ 7,000 range, which keeps it in the consolidation process as bulls and bears fight for it. Long-term trend lines maintain strong support, but these are not the only reasons why the next bullish recovery may be imminent.

Bitcoin has more support.

Since a mid-week bomb rally, Bitcoin has once again exceeded $ 7,000, which has been crucial to the big picture. In the last 24 hours, the BTC has found stable ground in the area of ​​$ 7,150 and at the time of writing it was priced at $ 7,223.

The action has kept the asset within its limited range channel for the past four weeks. The main point, however, is to maintain great support in the $ 6,000 area.

A slight reduction of $ 6,500 avoided what would surely be a large dump to $ 5,000, where the 200-week moving averages and several Fib recoil levels are located.

As reported by News BTC, the $ 6,500 region is a key long-term support zone and was the most negotiated price for Bitcoin during 2018. Industry analysts such as Peter Brandt and the founding partner of Adamant Capital, Tuur Demeester , have recognized this crucial point.


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